News & Events

BPAS Completes Transaction with What’s Next 4 Financial Advisors

BPAS announced today that it has acquired the What’s Next 4 Financial Advisors coaching practice. 

What’s Next offers professional coaching and consulting services to financial advisors looking to build more efficient, more profitable businesses. With more than 75 years of advisor consulting experience, the What’s Next team creates a customized, strategic roadmap to help advisors grow their businesses and get to the next level, while helping their clients achieve a strong alignment of business, personal, and life goals. 

“We help great advisors build great businesses,” said Tate Kerst, What’s Next Founder and Managing Partner. “With the marketplace getting more complex and more competitive, we found that our friends and clients were asking for more help and more services than ever before. It was clear that we needed to expand our resources.”  

Understanding that the changing landscape required a new strategy, What’s Next began discussions with BPAS about a potential collaboration. “We’d spent a lot of time with BPAS over the last year,” added Kerst. “They are tremendous people and provide an extremely broad range of services to their financial partners. We found a great strategic and cultural fit between our firms.” The companies reached agreement with a February 1, 2025 effective date. 

Founded in 1973, BPAS delivers a full range of services in partnership with advisors, trustees, and financial professionals across the nation. With a mission to simplify the complicated, BPAS delivers innovative solutions designed to give financial partners a competitive edge in today’s marketplace. BPAS services include: Workplace Retirement Plans, Actuarial & Pension, Health Benefits Consulting, IRAs, VEBA/115 Trusts, Health & Welfare Plans, Fiduciary, Collective Investment Funds, Fund Administration, Institutional Trust, and now Coaching for Financial Advisors. 

  The entire What’s Next team will become BPAS employees operating under a new BPAS What’s Next division, a firewalled specialty coaching practice dedicated to coaching advisors, corporate trustees, and other partners. 

 The companies were introduced by a firm colleague, Nicole Hendrix of Nottingham Advisors (a BPAS sister company). She was developing a partner solution for What’s Next that featured the collaborative services of BPAS and Nottingham. According to Mike Cerminaro, Nottingham CEO, “We’ve seen first-hand how professional coaching can move the needle for wealth practices so we couldn’t be more pleased to add these services to our collaborative offering.”  

 “Partnering with the What’s Next team allows us to expand the services and resources available to our national network of advisors, trustees, and financial partners,” said Paul Neveu, BPAS CEO. “It’s always been a top priority at BPAS to help our partners grow their practices through the full range of technical, administrative and consulting services.  Adding expert coaching services with the What’s Next team allows us to take that mission a step further. Bringing business coaching is a very different angle – it’s more interpersonal and philosophical and will be a great way to help drive success for our financial partners.” 

 “The partnership also enhances the services and resources available to our clients, making us more strategic” said Kerst. “BPAS is a major, national player that works with thousands of firms from coast to coast on a range of technical, consulting, and administrative solutions. We look forward to new chapters together.” 

BPAS Completes Transaction with Northeast Benefit Services, Inc.

BPAS, a leading national provider of retirement plans, benefit plans, fund administration, and collective investment trusts, announced today that it has acquired the third-party administration (TPA) services of Northeast Benefit Services, headquartered in West Seneca, NY.

Understanding that the changing retirement plan business landscape required a new strategy, Northeast Benefit Services began discussions with BPAS about a potential collaboration involving its TPA book of business. Northeast Benefit Services provides TPA services to employer-sponsored retirement plans throughout Western New York.  They reached agreement with a February 1, 2025 effective date.

BPAS, a subsidiary of Community Financial System, Inc. (CFSI, NYSE: CBU), provides daily valuation, actuarial and employee benefit consulting, fund administration, health and welfare plans, IRAs, and institutional trust services through its various subsidiaries on a national scale. Headquartered in Central New York, BPAS covers the full spectrum of retirement plan services through 16 offices across the nation and Puerto Rico.

“The partnership enhances the services and resources available to our clients,” said Larry Kavanaugh, Northeast Benefit Services CEO. “Our primary strategy was to find a partner with consulting expertise, flexibility, and a finger on the pulse of the ever-changing regulatory environment. We found that and more with BPAS. We also like that while BPAS is a national player in the retirement plan space, its headquarters in Central New York aligns with our value of offering local TPA services for employers. We’re excited to bring this level of expertise and services to our clients.”

The company transitioned its TPA employees to BPAS as part of the agreement. According to Jason Disco, Senior Vice President, BPAS Pension Sales & Consulting, “We pride ourselves on the expertise of our TPA Consulting staff and are thrilled to have the consultants from Northeast Benefit Services join us. Their primary role will be to continue servicing the Northeast Benefit Services clients. However, they will be part of a much larger BPAS team, 450 employees in total, with deep resources, backups, and expertise.”

“We’ve been in the retirement plan space for more than 50 years now,” said Paul Neveu, BPAS CEO. “It’s no secret that this business is getting more complex by the year. BPAS has deep expertise across the full range of Defined Contribution and Defined Benefit retirement plans, plus services like health savings accounts, so we can bring the full range of solutions to this book of clients. It’s our great honor to expand our business through this partnership and we look forward to new chapters together.”

BPAS Responds to Surge in Demand for ESOPs/kSOPs Amid Market Disruptions

BPAS, a national provider of retirement plans, benefit plans, fund administration, and institutional trust services, reports an increase in demand for services in the kSOP marketplace as more third party administrators exit the market.

An Employee Stock Ownership Plan (ESOP) is a qualified defined contribution plan that grants employees ownership in its company in the form of stock shares through a variety of approaches. These plans offer benefits to employers and employees, while unifying all stakeholders around the shared company mission. When employers merge an ESOP with a 401(k) plan, it forms a “kSOP.” These programs are some of the most complex defined contribution plans in the industry, but offer powerful benefits that can drive employee wealth with additional tax advantages for all parties.

In recent years, many kSOPs have been divided between two service providers: a third-party administrator (TPA) that handles plan design, testing, and administration work for the kSOP; and a daily recordkeeper that tracks the 401(k) side of the plan. The providers typically run each side of the plan on different systems. This bifurcated environment is not ideal in terms of the user experience and places significant operational and compliance work on the TPA. As a result, some firms are exiting the TPA-only kSOP space.

There have also been transactions reported in 401K Wire that reveal a trend where one provider of an ESOP/kSOP exits the business and sells its plans to another provider. This activity is causing many ESOP/kSOP plan sponsors to survey the marketplace for additional options.

“There is disruption among providers” said Susan Scherbel, CEO of Bellview Associates, a leading independent investment bank focused on the design and creation of ESOP and kSOP programs. “Employers want a way to convey a program that drives home the entire value of the company stock with a unified experience.”

According to Paul Neveu, BPAS CEO, “In the last few quarters, we’ve seen some pretty significant changes in the kSOP space. When there are two or more service providers working with a plan, the company stock value may be missing from the website and reports, or posted only on year-end statements. We have seen many scenarios where the full plan is not conveyed properly in terms of the daily experience, which causes confusion among participants about how it all works together.”

Scherbel said they advise using a KSOP as an effective way to handle distributions and diversifications. “They can be a real mess in mature ESOPs because of the assets involved. We need a path between the ESOP and the 401(k) so people can keep their benefits in the plan, just not always in the form of stock, and allow other participants to acquire additional stock through offsetting activities (buybacks) or share releases (from re-leveraged shares). Otherwise, you have cash that accumulates in the ESOP that can’t be used for these goals. Using a kSOP also brings flexibility in the options for terminated participants that you usually don’t have in a standalone ESOP.”

BPAS has a unique advantage since the firm is vertically integrated, with recordkeeping, TPA services, clearing and custodial services under one roof. The company administers the entire kSOP on one system that includes TPA and custodial services with a single point of contact covering the entire plan. This service model simplifies life for plan sponsors and participants and provides a holistic user experience. Company stock trading is a key consideration for many kSOP plan sponsors. “Before taking on an ESOP or kSOP, it’s vital to have an in-depth discussion about the company stock, including stock characteristics, plan design, and corporate goals,” said Maryann Geary, President of BPAS Plan Administration and Recordkeeping Services. “There are several share accounting options to consider — from treasury shares to lightly traded stocks to live market trading to unitization. We offer a variety of approaches, and at last count, we had eight or nine different solutions tailored to our clients.”

To learn more, visit bpas.com or email [email protected].

About Bellview Associates

Bellview Associates is a leading independent investment bank, providing high-impact strategic and financial advisory to ESOP-owned Corporations. Our team exercises years of Wall Street expertise to develop a custom ESOP transaction that fits your business. We preserve an organization’s legacy by positioning it for lasting success following an ownership restructuring. Our advisors bring a uniquely valuable perspective – backed by more than 40 years of corporate financial advisory and tax law — tailored to the needs of your specific ESOP transaction. As a 100% employee-owned organization, Bellview Associates sees the value of a thoughtfully-structured ESOP transaction firsthand. Bellview Associates has grown to be a leader among ESOP advisory firms, assisting organizations of all sizes nationwide. Every partnership is unique, as are the transactions we create. Our guiding purpose is to help maximize the value of your ESOP without compromising your organization’s legacy.

Visit bellviewassociates.com for more information.

Northeast Retirement Services, LLC (NRS) and Global Trust Company Expands Team

Northeast Retirement Services, LLC (NRS), a leading provider of retirement plan administration, trust accounting, and reporting services, is pleased to announce that Jim Nolan has joined the organization as Senior Vice President of Strategic Partners, and Hunter Craig has joined its Global Trust Company (GTC) subsidiary as Director of Research.

NRS, a BPAS subsidiary, provides a full range of institutional services, including Transfer Agency, Master Trust Plan Accounting, Fund Unitization, Fund-of-Fund Solutions, and Fiduciary Services. Its GTC subsidiary is a non-depository trust company providing fiduciary and trustee services for some of the largest and most complex institutional asset managers and Fortune 500 plan sponsors. The additions of Nolan and Craig reflect the NRS and GTC growth and ongoing commitment to delivering exceptional service, innovative solutions, and industry-leading expertise to clients and partners.

As Senior Vice President of Strategic Partners, Jim Nolan will focus on fostering and identifying opportunities to collaborate with new strategic partners. He will spearhead initiatives to expand the NRS market presence and service offerings.

Nolan brings over 16 years of experience from Citi, where he served as Head of Sales Origination and Client Solutions, Securities Services. At Citi, he demonstrated exceptional leadership as Chair of the State Leadership Council for New England and Site Head for Citi’s Boston Office. His extensive background includes business development, client solutions, and team leadership.

Nolan’s commitment to professional and community engagement is reflected in his ongoing involvement with First Literacy as Board Chair, the Expect Miracles Foundation as a Board of Directors Emeritus member, and industry organizations such as the Investment Company Institute (ICI) and the National Investment Company Service Association (NICSA).

“We are thrilled to welcome Jim Nolan to the NRS team,” said Vincent Manning, Executive Vice President and Chief Development Officer of NRS/GTC. “Jim’s deep industry expertise, exceptional leadership, and dedication to building strong partnerships make him an invaluable asset to our team. We look forward to his impact on our clients, partners, and growth initiatives.”

Craig will oversee investment strategy and research as the GTC Director of Research. With 16 years of experience at Regions Bank, Craig brings extensive investment management and research knowledge to his role.

In addition to his professional expertise, Craig is actively engaged in the community, serving as a board member and chair of the investment committee for the Mountain Brook City Schools Foundation.

“Hunter’s appointment strengthens our investment oversight capabilities and positions us to deliver even greater value to our clients,” said Scott Graham, Chief Investment Officer at NRS. “His deep understanding of investment strategy and research, combined with his leadership experience, will be important factors to our continued success.”

Nolan will be based out of the NRS headquarters in Woburn, MA. Craig will work from the GTC office in Birmingham, AL.

Freddie Jacobs, Jr., Named President and CEO of NRS Trust Product Administration

Freddie Jacobs, Jr., has been promoted to President and Chief Executive Officer of Northeast Retirement Services, LLC (NRS) and its subsidiary Global Trust Company (GTC).

NRS, a BPAS subsidiary, provides a full range of institutional services, including Transfer Agency, Master Trust Plan Accounting, Fund Unitization, Fund-of-Fund Solutions, and Fiduciary Services. Its GTC subsidiary is a non-depository trust company providing fiduciary and trustee services for some of the largest and most complex institutional asset managers and Fortune 500 plan sponsors.

In his new role, Jacobs will also serve as President of the Institutional Trust Services for BPAS overseeing the strategy and profitability for the BPAS Trust companies. BPAS is a wholly owned subsidiary of Community Financial System, Inc. (CFSI, NYSE: CBU).

Jacobs brings more than 30 years of experience in the investment industry. He has served in a number of key positions since joining NRS in 2013, most recently as the Chief Operating Officer and Chief Risk Officer. Prior to NRS, Jacobs created and led the 40 Act Compliance Reporting Services Team at JP Morgan. He also spent four years with State Street Bank as a Risk Manager for Investor Services where he was responsible for new product reviews, new business risk assessments, risk-control self-assessments, and other duties related to mitigating risks to the organization.

“Freddie brings a wealth of experience and knowledge to this role, having demonstrated exceptional leadership capabilities and a profound commitment to our mission,” said Dimitar Karaivanov, President and CEO at Community Financial System, Inc. “We are pleased to have him lead the amazing NRS and GTC teams while they continue to deliver top-notch service to customers and prospects.”

“I am deeply grateful for the trust and confidence Dimitar and Paul have placed in me to lead NRS into its next chapter,” Jacobs said. “I am fortunate to inherit a remarkable organization built by our former CEOs, Chris Hulse and Tom Forese, and supported by an exceptional team of dedicated professionals committed to delivering best-in-class service. I am truly excited and thankful for this opportunity.”

Jacobs holds a bachelor’s degree in accounting from Hampton University and is a Certified Public Accountant. He takes great pride in the communities where he lives and works and is on the Board of Directors for the Sportsmen’s Tennis & Enrichment Center, as well as Camp Harborview. He is also the Chair of the Board for Crispus Attucks Fund, Inc, and an Independent Trustee on the Board of Directors for Unified Series Trust.

“We couldn’t be more pleased to have Freddie lead our NRS and GTC companies,” added Paul Neveu, BPAS CEO. “With his proven leadership and fresh perspective, we are excited to embark on this next chapter of innovation and growth together. We have great things in store, and I’m excited to have Freddie’s knowledge, vision, and guidance lead the way.”

Chris Hulse is stepping down as Chief Executive Officer at NRS but will remain with the firm in his current role as GTC Chair.